MIRA
INFORM REPORT
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Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIJAY ENGINEERING EQUIPMENT INDIA PRIVATE LIMITED |
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Registered
Office : |
20/1073, R.K. Co-Operative Colony, Kadapa Cuddapah-516001, Andhra
Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
16.01.2006 |
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Com. Reg. No.: |
01-48777 |
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CIN No.: [Company Identification
No.] |
U45200AP2006PTC048777 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDV04252D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Distributor for Volvo Construction Equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 280000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and s per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Muthy |
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Designation : |
General Manager in Finance |
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Contact No.: |
91-9618886977 |
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Date : |
11.01.2011 |
LOCATIONS
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Registered Office : |
20/1073, R.K. Co-Operative Colony, Kadapa Cuddapah-516001, |
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Tel. No.: |
91-8562-242606 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.ft. (Owned) |
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Head Office : |
8-2-686/ K/ 27, Kimtee Enclave, Road No. 12, Banjara Hills,
Hyderabad-500034, |
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Tel. No.: |
91-40-23390990 |
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Fax No.: |
91-40-23390393 |
DIRECTORS
As on 24.09.2009
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Name : |
Mr. Chavva Dushyant Reddy |
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Designation : |
Director |
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Address : |
# 8-2-686/K/27, Kimtee Enclave, Road No. 12, Banjara Hills,
Hyderabad-500033, |
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Date of Birth/Age : |
12.12.1978 |
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Date of Appointment : |
16.01.2006 |
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Name : |
Mr. Vijaya Sekhar Reddy Chavva |
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Designation : |
Director |
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Address : |
# 8-2-686/K/27, Kimtee Enclave, Road No. 12, Banjara Hills,
Hyderabad-500033, |
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Date of Birth/Age : |
05.08.1955 |
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Date of Appointment : |
16.01.2006 |
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Name : |
Ms. Y.S.M. Sunita Reddy |
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Designation : |
Director |
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Address : |
# 8-2-686/K/27, Kimtee Enclave, Road No. 12, Banjara Hills,
Hyderabad-500033, |
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Date of Birth/Age : |
26.04.1961 |
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Date of Appointment : |
16.01.2006 |
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Name : |
Ms. Shilpa Reddy Muri |
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Designation : |
Director |
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Name : |
Mr. Ravindra Reddy Gali |
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Designation : |
Director |
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Address : |
H-No. 1-7-192, Revenue Colony, Subedari, Hanamkonda, Warangal-503001, |
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Date of Birth/Age : |
04.03.1977 |
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Date of Appointment : |
08.09.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Muthy |
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Designation : |
General Manager in Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2009
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Names of Shareholders |
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No. of Shares |
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C Vijay Shekhar Reddy |
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200000 |
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C Dushyant Reddy |
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100000 |
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Y.S.M. Sunita Reddy |
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35000 |
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C Vedamani |
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32500 |
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C Venkata Subba Reddy |
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32500 |
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C Madhulika Reddy |
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50000 |
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C Shilpa Reddy |
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50000 |
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Total |
|
500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor for Volvo Construction Equipments. |
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Terms : |
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Selling : |
Cash and Credit (30-60-90 Days) |
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Purchasing : |
Cash and Credit (30-60-90 Days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
Approximately 398 |
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Bankers : |
Karnataka Bank, Kadapa Branch |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute: |
L and T Finance Limited, Ballard Estate, Mumbai-400001, |
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Auditors : |
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Name : |
Gandhi and Gandhi Chartered Accountant |
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Address : |
1002, |
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Associates/Subsidiaries : |
·
Vijay Traders Activity: Autoriszsed distributors terex powerscreen. ·
Vijay Equipment and
Spares Activity: Authorized Distributors for Atlas Copco. ·
Vijay Minning
and Infra Corporation Private Limited Activity: Iron ore excavation (Raising Contract) ·
Vijay Mining
Private Limited Activity: Mining Activities ·
Vijay Homes and Realtors
Private Limited Activity: State of the art housing projects. |
CAPITAL STRUCTURE
As on 24.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
750000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500 Millions |
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As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
2.183 |
2.183 |
2.183 |
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3] Reserves & Surplus |
65.201 |
30.786 |
7.965 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
72.384 |
37.969 |
15.148 |
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LOAN FUNDS |
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1] Secured Loans |
268.048 |
83.192 |
131.847 |
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2] Unsecured Loans |
11.676 |
2.869 |
6.100 |
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TOTAL BORROWING |
279.724 |
86.061 |
137.947 |
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DEFERRED TAX LIABILITIES |
7.383 |
1.726 |
0.000 |
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TOTAL |
359.491 |
125.756 |
153.095 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
206.681 |
78.418 |
41.101 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
70.470
|
91.640 |
82.246 |
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Sundry Debtors |
155.942
|
69.753 |
94.696 |
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Cash & Bank Balances |
8.742
|
6.817 |
5.394 |
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Other Current Assets |
2.989
|
[11.354] |
1.063 |
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Loans & Advances |
21.640
|
9.392 |
22.923 |
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Total
Current Assets |
259.783
|
166.248 |
206.322 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
67.538
|
96.716 |
82.816 |
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Other Current Liabilities |
32.942
|
21.468 |
[4.525] |
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Provisions |
6.493
|
0.726 |
16.128 |
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Total
Current Liabilities |
106.973
|
118.910 |
94.419 |
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Net Current Assets |
152.810
|
47.338 |
111.903 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.091 |
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TOTAL |
359.491 |
125.756 |
153.095 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
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PROFIT AFTER TAX
|
|
34.414 |
21.016 |
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Earnings Per
Share (Rs.) |
|
68.83 |
-- |
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Particulars |
|
31.03.2010 |
31.03.2009 |
|
Sales Turnover(Approximately) |
|
841.800 |
715.200 |
Expected Sales (2010-2011) : Rs. 1059.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.34
|
5.40 |
15.34 |
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Current Ratio (Current Asset/Current Liability) |
|
2.43
|
1.40 |
2.19 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Sundry Creditors |
67.538 |
96.716 |
82.816 |
|
Total |
67.538 |
96.716 |
82.816 |
Trade References:
·
KNR Construction Limited
·
SEW Infrastructure Limited
·
Navayuga Engineering Company Limited
Financial Results:
The company has made a Profit of Rs. 34.414 Millions
after providing for depreciation and tax. They are confident that the
profitability of the company will improve further more in the coming year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U45200AP2006PTC048777 |
|
Name of the
company |
VIJAY ENGINEERING EQUIPMENT INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
20/1073, R.K. Co-Operative Colony, Kadapa Cuddapah-516001, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Movable Property |
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Particular of
charge holder |
L and T Finance Limited, Ballard Estate, Mumbai-400001, |
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Nature of
instrument creating charge |
Deed of
Hypothecation No. 572622 |
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Date of
instrument Creating the charge |
03.12.2010 |
|
Amount secured by
the charge |
Rs. 3.960
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 5.95% flat per
annum Terms of
Repayment 2 years repayment
in 23 months Margin Rs. 0.440 Million Extent and
Operation of the charge First and Exclusive
charge by way of hypothecation as per clause nos. 2(i), 2(ii), 3, 4,7, 8(vi)
and 16 Vide the deed of hypothecation dated 03.12.2010 |
|
Short particulars
of the property charged |
Asset type: Motor
Grader Asset
Description: 1 No. Volvo Motor Grader G930 Bearing Asset Location: |
Fixed Assets:
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
Plant and Machinery
·
Vehicles
·
Factory Shed
·
Electrical Fixtures and
Fittings.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.